WOBURN, Mass. & SUNNYVALE, Calif. — (BUSINESS WIRE) — October 30, 2015 —
Skyworks Solutions, Inc. (NASDAQ:
SWKS), an innovator of high
performance analog semiconductors connecting people, places and things,
and PMC-Sierra, Inc. (PMC) (NASDAQ:
PMCS), a semiconductor and software
solutions leader in storage, optical and mobile networks, today
announced that they have entered into an amended and restated merger
agreement under which Skyworks has agreed to acquire PMC for $11.60 in
cash per share of PMC common stock, an increase from its previous
agreement to acquire PMC for $10.50 in cash per share of PMC common
stock. The amended and restated merger agreement also provides for an
increase in the termination fee from $70.0 million to $88.5 million. All
other material terms of the merger agreement previously announced on
October 5, 2015, remain substantially the same.

Skyworks proposed the amended and restated merger agreement in response
to Microsemi Corporation’s proposal to acquire PMC for $8.75 in cash and
0.0736 of a share of Microsemi common stock per share of PMC common
stock.

The boards of directors of Skyworks and PMC have each approved the
amended and restated merger agreement. PMC’s board of directors has
determined that as a result of the amended and restated merger agreement
with Skyworks, Microsemi’s proposal is not superior and recommends the
amended and restated merger agreement with Skyworks to PMC stockholders.

As previously announced, Skyworks intends to fund the acquisition with
cash on hand from the combined companies and with fully committed debt
financing. The closing of the transaction is not subject to financing
conditions. The transaction is expected to close in the first half of
calendar 2016, subject to PMC shareholder approval, receipt of
regulatory approvals and other customary closing conditions.

Important Additional Information Will Be Filed with the SEC

PMC plans to file with the SEC and mail to its stockholders a proxy
statement in connection with the transaction. Additionally, PMC will
file other relevant materials with the SEC in connection with the
transaction. The proxy statement and other relevant materials will
contain important information about Skyworks, PMC, the transaction and
related matters. Investors and security holders are urged to read the
proxy statement and the other relevant materials carefully when they
become available before making any voting or investment decision with
respect to the proposed merger because they will contain important
information about the merger and the parties to the merger.

Investors and security holders will be able to obtain free copies of the
proxy statement and relevant other documents filed with the SEC by
Skyworks and PMC through the website maintained by the SEC at
www.sec.gov.

In addition, investors and security holders will be able to obtain free
copies of the proxy statement and the other relevant documents filed
with the SEC by PMC from PMC by contacting Joel Achramowicz at (408)
239-8630.

Skyworks and PMC, and their respective directors and executive officers,
may be deemed to be participants in the solicitation of proxies in
respect of the transactions contemplated by the amended and restated
merger agreement. Information regarding Skyworks’ directors and
executive officers is contained in Skyworks’ Form 10-K for the year
ended October 3, 2014 and its proxy statement dated April 8, 2015.
Information regarding PMC’s directors and executive officers is
contained in PMC’s Form 10-K for the year ended December 27, 2014 and
its proxy statement dated March 20, 2015, which are filed with the SEC.
Additional information regarding the participants in the solicitation of
proxies in respect of the transactions contemplated by the amended and
restated merger agreement and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in the
proxy statement and other relevant materials to be filed with the SEC
when they become available.

Headquartered in Woburn, Massachusetts, Skyworks is a global company
with engineering, marketing, operations, sales, and service facilities
located throughout Asia, Europe and North America. For more information,
please visit Skyworks’ website at:
www.skyworksinc.com.

About PMC

PMC is the semiconductor and software solutions innovator transforming
networks that connect, move and store big data. Building on a track
record of technology leadership, the company is driving innovation
across storage, optical and mobile networks. PMC’s highly integrated
solutions increase performance and enable next-generation services to
accelerate the network transformation. For more information, please
visit PMC’s website at:www.pmcs.com.

Safe Harbor Statement

Certain statements made herein are “forward-looking statements” intended
to qualify for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements include without limitation information
regarding the proposed transaction between Skyworks and PMC, the
expected timetable for completing the transaction, future financial and
operating results, benefits and synergies of the transaction, future
opportunities for the combined company and any other statements about
Skyworks or PMC managements’ future expectations, beliefs, goals, plans
or prospects. Forward-looking statements can often be identified by
words such as “anticipates,” “expects,” “forecasts,” “intends,”
“believes,” “plans,” “may,” “will,” or “continue,” and similar
expressions and variations or negatives of these words. All such
statements are subject to certain risks, uncertainties and other
important factors that could cause actual results to differ materially
and adversely from those projected, and may affect our future operating
results, financial position and cash flows.